Green Tax Credits for the Existing Home Owner
- The IRC 25C credit for non-business property expands from 10% to 30% of qualifying improvements in 2010, with a lifetime cap per taxpayer of $1,500. Qualifying improvements include installing insulation materials; exterior windows and doors; central air conditioners; natural gas, propane, or oil water heaters or furnaces; hot water boilers; electric heat pump water heaters; certain metal roofs and stoves; and advanced main air circulating fans. These improvements only qualify if they are made to existing homes.
- An IRC 25D credit is also available for qualified fuel cell systems installed in the taxpayer’s primary residence. Unlike other residential energy efficient systems, fuel cells are limited to $500 per half-kilowatt of capacity.
- A 30% credit is available for geothermal heat pumps, solar panels, solar water heaters, and small wind energy systems. This credit applies to the cost of labor and installation, as well as the cost of the equipment in connection with any residence used by the taxpayer.
Friday, 29 January 2010 18:21
Green Tax Credits for the Existing Home Owner
Written by Sarah PerkinsIf you’re an existing home owner and are considering energy-efficient improvements this year, there are several options that you may want to consider.
The three major tax credits are listed below. Before making your purchases, remember to research the specific product and make sure the manufacturer qualifies for the energy-efficiency rating under the IRS specifications.
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Sarah Perkins
Sarah Perkins, a sustainability engineer, spends her time educating construction professionals on the social and economic benefits of understanding and implementing sustainable building techniques. She’s studied in
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